As per the reports, the Central Bank of the Philippines gave out two licenses to the two local Bitcoin exchanges.
The developments were reported on Sunday by the Daily newspaper, The Philippine Star, which also cited statements from The Bangko Sentral ng Pilipinas chief, Nestor Espenilla Jr. The central bank gave out rules for domestic exchanges in February, aimed to lay the foundation for the country’s growing cryptocurrency market. Despite all these efforts, the bank saw comparatively very little from the potential applicants.
Espenilla during the financial technology event specified that the central bank is actively working on to bringing exchanges under its regulatory support. Espenilla assured the market is taking its trajectory. He further added, “It is coming from a small base but increasing – that is why we decided to require them to register."
He also claimed that the local Bitcoin trade values at the exchange could go as much as $6 million a month, a figure with three times rise in $2 million per month as seen last year.